The Central Bank of Nigeria (CBN) has restored the old 200, 500, and 1000 naira notes to remain as legal tender until Dec. 31.
Correspondents of the News Agency of Nigeria (NAN) who monitored the availability of the new notes report that residents are lamenting over the scarcity of the new notes.
Mr Moses Nnegedu, a resident of Nyanya, said if CBN was serious to accomplish its goal on the circulation of the new naira notes before the deadline, it would monitor the commercial banks.
‘’The last time I used the new note was two weeks ago and it is really not available.
‘’It seems that the new notes are being hoarded.
‘’There should be political will to ensure the circulation of the new notes before the expiration date so we don’t have a repeat of cash crunch,’’ he said.
Mr Gabriel Daniel, a resident of Garki, said he didn’t think the Dec. 31 deadline would be visible because presently it was only the old notes that were available.
‘’ I can’t remember the last time I saw or used the new notes because even the banks are dispensing old notes both at the ATMs and in the banking hall.
